Inventure Foods, Inc., Phoenix, Ariz., announced the strategic sale of Fresh Frozen Foods to The Pictsweet Co., a family-owned grower and processor of frozen vegetables based in Bells, Tenn., for approximately $23.7 million. The strategic transaction represents an important step in Inventure Foods' ongoing strategic and financial review process to increase shareholder value.
"The sale of Fresh Frozen Foods represents a significant milestone in our efforts to enhance shareholder value," says Terry McDaniel, chief executive officer of Inventure Foods. "The proceeds from the sale of Fresh Frozen Foods will help us reduce our debt, improve our balance sheet and our overall financial flexibility. We continue to focus on delivering an improved financial performance through further execution of our strategic initiatives across the frozen and snack segments. I would like to thank the excellent Fresh Frozen associates for all of their efforts and wish them much success in the future."